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Evaluation of Strategies

The following criteria help in evaluating a strategy:

1. Consistency:

A strategy must be consistent with the internal resources and external environment. Internal consistency encores that the strategy is supported by policies and budgets to achieve the goal. Lack of resources to implement the strategies will result in organizational rifts and conflicts. External consistency ensures that the strategy conforms to environmental variables.

2. Company profile:

A company must analyse its resource position in terms of its strengths and weaknesses. Environmental opportunity is not sufficient for a firm to make strategies unless it has strengths to exploit that opportunity. Company’s profile must match the environmental profile.

3. Risk:

Strategies have a long- time horizon and, therefore, and inherent element of risk. Since strategies are related to environmental issues, they cannot be risk free. However, the magnitude of risk should not endanger the survival of the firm. The risk should be within the limits of acceptance. Risk adverse companies make defensive strategies to react to changes and risk seeking companies make offensive strategies to anticipate changes.

4. Time:

 Strategies may be constrained by time factor with respect to;
(a) The length of period for which strategies are made.
(b) The time available for making strategies.

Though strategies are meant for future, very long periods can make the strategies ineffective. Forecasts for very long periods can go wrong and strategies based on such forecasts can also deviate from targets. Too short a period is also not appropriate for making strategies. Balance should be maintained between the time span (ling and short) and strategies should be made for periods where forecasts meet organization’s internal profile with the external environment.

5. Feasibility:

A strategy must be workable. A strategy that cannot be implemented is as bad as not having a strategy at all. After planning the strategy, organizations should ensure their effective implementation. This may require hiring new people with different skills, transferring present workforce to new position, lasting off some of the employees, building and managing effective teams, top management leadership and a motivated group of managers to carry out specific strategies.

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